ROCKLAND LEASING LIMITED Vs. RESERVE BANK INDIA

JUDGEMENT

(1.) The appellant in both the appeals is Rockland Leasing Ltd. against whom Company Petition 93/2001 was filed by Reserve Bank of India under the provisions of Section 45-DC of the Reserve Bank of India Act, 1934 (in short, the Act) for winding up the affairs of the appellant company. In another petition filed by certain persons under Section 45QA of the Act before the Company Law Board (CLB, for short). The CLB passed order dated 26.6.98 giving certain directions for repayment of deposits to the said applicants/depositors. The appellant filed Co.A. 4- B/98 under the provisions of Section 10F of the Companies Act, 1956 against said order dated 26.6.1998 passed by the CLB Company Petition 93/2001 was well as Co.A. 4-B/98 were heard together by the learned company Judge and a common judgment dated 5.12.2001 has been given. In the said judgment learned single Judge has allowed CP 93/2001 ordering winding up of the appellant company and dismissed CoA.4-B/98 of the appellant.

(2.) Company Appeal 3/2002 is directed against the decision in CP 93/2001 and Co.A. 10/2002 is against that part of the order by which the Company Judge has dismissed the Company Appeal 4-B/98. Both these appeals were heard together.

(3.) In his elaborate judgment covering various facets of the case, the learned Company Judge has taken note of the factual matrix of the matter and has also referred to the statutory provisions. It would, therefore be unnecessary to do this exercise all over again in detail. However, for the sake of clarity wherever necessary, these facts and statutory provisions would be referred to and expanded.